BOUCHERVILLE, QC, Feb. 26, 2016 /CNW Telbec/ - Canam Group Inc. (TSX: CAM) today announced that The Toronto Stock Exchange (TSX) has accepted the Corporation's notice of intention to make a normal course issuer bid pursuant to which it may purchase, when deemed appropriate, through the facilities of and in accordance with the requirements of the TSX, up to 4,089,305 of its outstanding common shares, which represents 10% of the Corporation's public float. As at February 25, 2016, Canam Group had 47,531,367 issued and outstanding common shares, of which 40,893,052 were publicly held.
Pursuant to the notice of intention, common shares may be purchased from March 1st, 2016 to February 28, 2017 inclusively. The Corporation is entitled to purchase on any trading day, through the facilities of the TSX, a daily limit of 24,833 common shares under the Corporation's common share buyback program. The common shares purchased by the Corporation will be cancelled. Canam Group's Board of Directors believes that under the right circumstances the purchase of its common shares would be in the best interests of Canam Group and its shareholders.
During the last 12 months, Canam Group has not purchased any of its common shares pursuant to a notice of intention to make a normal course issuer bid.
About Canam Group Inc.
Canam Group specializes in designing integrated solutions and fabricating customized products for the North American construction industry. Each year, Canam Group takes part in an average of 10,000 building, structural steel and bridge projects, which can also include the supply of preconstruction and project management services. The Corporation operates 22 plants across North America and employs close to 4,300 people in Canada, the United States, Romania, India and Hong Kong.
Caution regarding forward-looking statements
This press release may contain forward-looking statements, which include, but are not limited to, statements with respect to the Corporation's growth strategy, costs, financial position and financial results, economic and business outlook, prospects and trends of the Corporation's industry segment, expected growth in demand for products and services, the dates of expected or scheduled deliveries, orders and project execution in general, objectives, projects, targets, priorities, business strategy, and the expected impact of legislative and regulatory environment and legal proceedings. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "plan", "foresee", "believe", "continue" or "maintain", the negative of these terms, variations of them or similar terminology. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from forecasted results. While the Corporation considers its assumptions to be reasonable and appropriate based on information currently available, there is a risk that they may not be accurate. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include in particular the risks and uncertainties described in the Corporation's 2014 Annual Report in the section entitled "Risks and Uncertainties". The forward-looking statements contained herein are made as of the date hereof and are subject to change thereafter, and the Corporation has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities regulations.
SOURCE Canam Group Inc.
For further information: François Bégin, Vice President, Communications, Canam Group Inc., 418-228-8031, 418-225-1355 (mobile phone), firstname.lastname@example.org